Not For Profit Company
Not for Profit Company or Organization are the companies with the charitable objects. The Section 8 of the Companies Act 2013 provides the formation of the Not for Profit Companies. For registration of a Section 8 company in India, the process is similar to the process of incorporation of other companies except an additional license is required.
- A Non for Profit Company includes the promotion of science, art, commerce, education, sports, research, charity, social welfare, religion, protection of environment or any such other objects in their objects.
- In Not for Profit Company, if there are any profit, then it is used for the promotion of the objects.
- Not for Profit Company contemplate to rule out the payment of any dividend to its members.